Hat tip Mana

Dear Mr. Attorney General:

I note several instances recently in which Administration officials have proceeded civilly against blatant violations of our important financial laws, in part because of the difficulty of proving cases beyond a reasonable doubt, especially where the law may have been somewhat uncertain, but also because of a concern that the criminal conviction—and even indictment—of a major financial institution could have a destabilizing effect. This latter consideration does not apply, similarly, to individuals. It is, of course, the case that no corporation can have engaged in wrongdoing without the active decision of individual officers of that entity. I believe it is also the case that prosecuting individuals has more of a deterrent effect than prosecuting corporations.

I am writing to you as well as to financial regulators, understanding that the decision to pursue criminal proceedings rests with the Justice Department, so I ask that there be a series of consultations involving law enforcement officials and regulators with the goal of increasing prosecution of culpable individuals as an important step in seeing that the laws that protect the stability and integrity of our financial system are better observed.


Category: Legal, Think Tank

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

6 Responses to “Frank to AG Holder: Prosecute Banks Criminally”

  1. peachin says:

    Time to “Drop the Hammer”

  2. raholco says:

    Coming from the lamest of the lame ducks….

  3. zdd200 says:

    I second this and propose to process similarly with BP (in progress) and the deceptions of Big Tobacco

  4. BennyProfane says:

    Yeah, like he would have written that a few years ago. I guess he married well, and saved his money, so he doesn’t have to whore out to the industry like his former workmates. Oh, wait, and then there’s the solid pension and health benefits I’m paying for……..
    Thanks, Barney. Wonderful timing.

  5. [...] I first read about this letter from retiring House Banking Ranking Member Barney Frank to Eric Holder, I thought it akin to what [...]

  6. Moss says:

    This is why we need 1 year term limits. It seems that most politicians observe their oath of office only when that office is not up for bid.